Unclear Path leads to UAE Golden Visa for ₹23 Lakh
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
While reports of the launch of a pilot programme for a new kind of golden visa by the UAE has set social media abuzz with excitement, visa aspirants and consultants are groping in the dark in the absence of any official communication, causing frustration and scepticism.While wide-ranging media reports in India have said UAE is piloting a new kind of golden visa, there have been no reports in the UAE media, or in the Emirates News Agency, which disseminates all official notifications. Unsurprisingly, the story has gone viral on Indian social media. Investment visas and residency programmes have been lapped up with great zeal by well-heeled Indian citizens in recent years.While controversial, such visa programmes have become a common route for wealthy families globally to relocate for tax, lifestyle, education and other reasons. Therefore the prospect of a lifetime visa to enable relocation to Dubai, a city of choice for many, at the price of a mid-range SUV, seemed too good to be true. It might well be.A top golden visa consultant based in Dubai says that United Arab Emirates authorities were unaware of any change in Golden Visa rules that would allow Indian citizens to purchase a lifetime Golden Visa to the Emirate on a payment of AED 100,000.Iqbal Marconi, ex-CEO of ECH Group (according to Khaleej Times the largest golden visa facilitator in the region), told ET over phone from Dubai that he has been getting calls from India ever since this news came out.'I checked with the authorities here, and they say they have no such information. So, the news is likely to be untrue. The only new update they have is that crypto investors won't be considered for the Golden Visa scheme. I checked with the GDRFA (General Directorate of Residency and Foreigners Affairs Dubai) also, they too said they don't have any information on this. I also checked with a couple of officials here who are in the same line of work, they also said they don't have any information in this regard.'It all started with a story by the wire service PTI, disseminated widely, that claimed a new kind of golden visa was being piloted by UAE for India and Bangladesh, which would dramatically lower the financial outlay from about ₹4 crore of investment to a mere ₹23 lakh. The story made the distinction that this new kind of nomination-based visa was being offered in a test phase to Indian and Bangladeshi nationals.The story quoted Rayad Kamal Ayub, MD of Rayad group, a consultant that has just launched an advisory programme for the UAE golden visa with visa services provider VFS Global, in India and Bangladesh.But the nomination-based route, which recognises an individual's ability to contribute to the economy of the UAE, and does not require any financial investment, has existed from the beginning of the golden visa programme in 2019 and is entirely granted at the discretion of the UAE government.'Nomination-based UAE golden visa with no investment requirement is not new at all. Many of us working in this space have helped our clients get such visas and continue to do so. There has been no intimation from any official sources that any policy change has happened with regard to the UAE golden visa,' said Rajneesh Pathak of Mumbai-based residency and citizenship consultant Golden North.The UAE golden visa also offered a path through real estate investments as well as job creation, by investing in businesses. This route, which required an investment of AED 2 million, or more than ₹4.66 crore, helped Dubai developers market high-value properties as 'Golden Visa eligible'.If the visa regime is liberalised, the sector could be impacted. 'Around 7-8% of Dubai properties sold every year involve Indians aiming for Golden Visa and that segment will see an impact. The developers' supply and pricing strategies will see a change,' said Ritesh Mehta, senior director, residential services, JLL India.While the UAE has not issued a statement on the matter, relevant UAE authorities have clarified that the Golden Visa initiative remains a government-regulated programme. The UAE visa 'is not for sale,' a highly placed official said, speaking on the condition of anonymity.'Golden Visas may be granted by the UAE government on several grounds, including but not limited to real estate investment to the tune of AED 2 million, business ownership, and distinguished contributions in fields such as science, medicine, the arts, culture, media, and sport. All nominations undergo a government-led vetting process, even those coming from authorised agents, with the final decision resting solely with UAE authorities,' an official message stated.The Vision Dubai 2033 document envisages doubling of the UAE economy and recognises that increasing the population of the country would be a key necessity in that journey. Tactically therefore, the gulf nation might eventually liberalise its visa scheme for upper income segments from other nations. But on whether it has already done so, there are few indications.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
First Post
23 minutes ago
- First Post
India-UK FTA: Dairy products, apples, edible oils remain protected in zero-duty trade pact
Under the India-UK Free Trade Agreement (FTA) signed today, India has protected the interests of its farmers by securing the exclusion of dairy products, edible oils, and apples from the zero-duty trade. Overall, the India-UK FTA has zero duties on 95% of agriculture and processed food items. read more India has protected the interest of domestic farmers by excluding dairy products, edible oils and apples in the free trade agreement (FTA) with the UK while securing zero duties on 95 per cent of agriculture and processed food items. No tariff concession has been allowed on oats as well in the FTA, which was signed on Thursday. On the other hand, Indian staples like turmeric, pepper, cardamom; processed goods like mango pulp, pickles, and pulses; and marine products such as shrimp and tuna will enjoy duty-free access in the UK market. STORY CONTINUES BELOW THIS AD In agriculture, the UK imports USD 37.52 billion worth products, but imports from India are just USD 811 million. 'India's farmers are poised to be the biggest winners of the FTA, which unlocks premium UK markets for their produce, matching or exceeding the benefits already enjoyed by exporters from Germany, the Netherlands, and other EU nations,' a commerce ministry official said. More than 95 per cent of agricultural and processed food tariff lines will attract zero duties on fruits, vegetables, cereals; pickles, spice mixes, fruit pulps; and ready-to-eat meals and processed foods. This will lead to reduction in landed cost of these Indian products in the UK market, boosting India's export and enhancing income of domestic farmers. 'Duty-free access is expected to increase agri exports by over 20 per cent in the next three years, contributing to India's goal of USD 100 billion agri-exports by 2030,' the official said. The FTA would also give a boost to exports of emerging products such as jackfruits, millets, and organic herbs. With regard to the benefits for the blue economy, the FTA provides for zero-duty access for 99 per cent of exports, including shrimp, tuna, fishmeal, and feeds. These are currently taxed in the range of 4.2-8.5 per cent. STORY CONTINUES BELOW THIS AD 'Despite the UK's USD 5.4 billion marine import market, India's share remains at just 2.25 per cent, underscoring a significant untapped export opportunity,' the official pointed out. The FTA would also help India's export of high-margin branded products like coffee, spices, beverages, and processed food. Stating that the UK consumes 1.7 per cent of India's coffee, the official said duty-free access will help Indian instant coffee compete with EU exporters like Germany and Spain. The UK is a major buyer of Indian tea (5.6 per cent), while spices have a 2.9 per cent share. The zero tariffs will help enhance the country's market share. 'Indian craft drinks like feni from Goa, artisanal wines from Nashik, and toddy from Kerala will now enjoy Geographical Indication (GI) protection and shelf space in high-end UK retail and hospitality chains,' the official said. The FTA is set to help India's food processing sector. India exports USD 14.07 billion of processed agriculture and food products globally per year. The UK imports USD 50.68 billion worth of processed items, but Indian products make up for a mere USD 309.5 million. STORY CONTINUES BELOW THIS AD Farmers of various states in the country are likely to benefit from the FTA. The major beneficiaries are Maharashtra (grapes, onions), Gujarat (groundnut, cotton), Punjab and Haryana (basmati rice), Kerala (spices), and NE states (horticulture). (This is an agency copy. Except for the headline, the copy has not been edited by Firstpost staff.)
Time of India
23 minutes ago
- Time of India
Stock Radar: Balkrishna Industries stock breaks out from 1-year falling channel; what should investors do?
Balkrishna Industries Ltd, part of the tyre and rubber product segment, recently broke out from a falling channel pattern on the weekly charts, opening the door for further upside potential. Medium-term traders can consider buying the stock for a potential target above the Rs 3,000 level in the coming weeks, suggest experts. Balkrishna Industries (BKT) is an Indian multinational tire manufacturer specializing in off-highway tires. The company
&w=3840&q=100)
Business Standard
23 minutes ago
- Business Standard
Think inheritance is tax-free? Here's what NRIs need to watch for in India
When an NRI inherits property or money from a relative in India, the initial reaction may be to treat it as a tax-free windfall. While that's partly true, experts caution that failure to understand the nuances of taxation, ownership documentation, and compliance can lead to legal trouble and financial loss. 'Under Indian law, there is no inheritance tax or estate duty applicable when an NRI inherits property or money in India from a resident Indian,' says Hardeep Sachdeva, senior partner at AZB & Partners, a law firm. 'The transfer is tax-free (from an Indian tax perspective) at the point of inheritance,' he noted. No tax at inheritance, but paperwork is key 'Inheritance of assets, including immovable property, securities, and money, by an Indian taxpayer is not, by itself, a taxable event under the Income-Tax Act, 1961,' explains Kunal Savani, partner at Cyril Amarchand Mangaldas. However, establishing clear ownership is vital. NRIs need a death certificate, the registered will (if any), and a Succession Certificate or Legal Heir Certificate. Mutation of property records with local municipal authorities is also necessary. 'Certain states require probate of the will, especially for immovable property,' adds Sachdeva. Rental income? Taxed at 30 per cent, TDS is mandatory If inherited property is rented out, the rental income is taxable in India, and the tenant must deduct TDS at 30 per cent (plus surcharge and cess) under Section 195, says Savani. 'In one case, a client received rental income for 18 months without deduction, and the tenant was later served a notice for TDS default,' says Sachdeva. This can be avoided with a rent agreement that clearly outlines TDS responsibilities, he said. 'Tenants become assessees-in-default if TDS isn't deposited,' adds Savani. Selling inherited property? Capital gains apply Capital gains arise only when the NRI sells the inherited property. Long-term gains (property held for over 24 months, including the deceased's holding period) are taxed at 12.5 per cent post July 23, 2024. 'The cost of acquisition is either the original cost or Fair Market Value as on April 1, 2001, whichever is higher,' says Ritika Nayyar, partner at Singhania & Co. TDS on sale proceeds is mandatory, and NRIs may apply for a Lower or Nil TDS Certificate. Common mistakes NRIs make NRIs often skip succession paperwork, delay mutation of records, or misreport rental income. Some fail to update their tax residency or don't file Forms 15CA/15CB while repatriating funds. 'These gaps cause long delays and legal disputes,' warns Gaurav K Singh, chairman of Womeki Group, a real estate developer. 'In Delhi NCR, for instance, weak documentation has even led to ownership challenges,' he added. 'Many NRIs overlook basics like updating property titles, settling local taxes, or even obtaining a PAN card for property-related transactions,' says Rakesh Malhotra, founder and chairman, PRIME Developments. 'We've seen cases where failure to report inherited property in Indian tax returns led to avoidable penalties,' Malhotra said. Both experts advise NRIs to engage reliable local professionals or property managers, as poor paperwork and remote oversight often lead to legal delays, tenant misuse, or compliance issues. Bottom line While inheriting property or money in India as an NRI does not trigger tax at the outset, any income from such assets is taxable. Complying with tax, property, and FEMA rules is critical and often overlooked. As Sachdeva notes, 'NRIs must treat inheritance as both a legal and financial responsibility.'
